Fed Minutes Show Urgency for Raising Rates to Tame High Inflation

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A further glimpse into its thinking on interest rates with the release of the minutes of its latest policy setting meeting I'm Ben Thomas with a look With inflation at its highest in four decades fed officials agreed they might have to raise interest rates to levels that would weaken the economy in their effort to tame it All believed the fed should raise its key rate expeditiously to a level which neither stimulates or restrains growth which officials have put at about 2.4% Many also agreed they could assess the effects of their rate hikes and adjust depending on the economy's health The minute suggests there may be a sharp debate about how quickly to tighten credit after the fed's next two meetings those are in June and July and most of the fed officials see half point increases as likely appropriate The economy has shown signs of slowing and stocks have dropped sharply since the May meeting Ben

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